PokerStars Cuts Deal with US Government

Earlier in the week, it was announced that PokerStars, one of the world’s top rated online casinos, has settled with the United States government for $731 million over its involvement in last year’s Black Friday case.

As part of the deal, the poker operator will buy-out its former competitor, Full Tilt Poker, and take on its debts to players, meaning customers who lost money after the site’s operations in the US were closed last April.

The deal made with the Department of Justice in New York City stipulates that the company will forfeit $547 million to the government in a three-year time period. The money will settle the civil charges of fraud and will in part go to reimbursing Full Tilt poker’s US-based players.

Additionally, PokerStars will turn over $184 million within a 90-day period to repay foreign Full Tilt customers. PokerStars has already reimbursed its own international customers and continues to maintain operations abroad.

As part of the government deal, PokerStars did not plead guilty to misconduct, allowing the company to apply for licensure to operate a real money poker site if online casino games legislation passes in the US.

PokerStars will pay an additional $225 million for Full Tilt’s assets. They have said that they plan to open Full Tilt ultimately as a separate company out of Ireland.

Mark Scheinberg, chairman of the Board of PokerStars, stated, “We are delighted we have been able to put this matter behind us.”